Econ Lecture 24

Econ Lecture 24 - • Ability to keep out competition •...

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Econ Lecture 24 16:08 Net Worth= wealth Human capital – hard to estimate, easier to estimate the wealth of a mutual fund Cannot easily cash in on a particular day Most valuable asset is human capital Wealth and income are highly corrlalated  A lot of wealth spins up a lot of income you can have asomeone who has a lot of wealth and their income is very low. o Example) farmer who has very valuable crop land – but income might be  Economic of Labor Unions Economic property – business firms that have monopoly power
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Unformatted text preview: • Ability to keep out competition • Transfer it over to an organization that sells or controls the supply of labor service. • Pay dues with an idea that there will be an economic benefit • When a union might be more than a social club Economic Rent – a type of income • One characteristic that it has • A form of income that is over and above what is necessary to illicit the productivity of that input • Started with land 16:08 16:08...
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Econ Lecture 24 - • Ability to keep out competition •...

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